Discussion ForexScotty's Signals - Gambler's Dream

Transferred funds from https://www.myfxbook.com/members/ForexScotty/manual-trade-lanes-w-martingale/1473879 in order to have a clean account history with this manual strategy only

A few months ago I started trading a manual strategy. After the success I had with it, a friend of mine asked me to trade for him. We felt the best way to do that was through the MQL5 trade signals. I started a fresh account and created this signal. I’m sure as results appear, fellow traders will have questions about. So, I created this summary. Please do NOT subscribe until sufficient history has posted.

Manual entry trading strategy with EA Trade Management

Trade entries made during times of strong price movement following trend lines.

I generally monitor 6 currency pairs, but I am rarely in more than one or two at the same time.
EURUSD, USDCAD, AUDUSD, USDCHF, NZDUSD, USDJPY. More may be added later, but these had the lowest spreads and conditions on TradersWay Live ECN account.

Between the hours of 7am -1pm and 8pm -10pm US Eastern Standard time and generally open 5 to 25 orders each day. If the conditions are right, I trade, if not, I don’t.

Manual entry made using Manual Trader EA - https://www.mql5.com/en/market/product/4630

Once I select to open a position, The EA does the rest. There is no better EA than the human mind for spotting entry points, but even the human mind does not want to stare a charts all day. Let an EA do the rest!

When 8 pips of profit are reached, a 4 pip trailing stop is initiated.

The Manual Trader EA has an averaging down/Martingale recovery feature that does get used on occasion when I make a bad entry choice (or a good one and the market changes its mind). But for the most part the entries are accurate 80% of the time. I have just found a mixture of EA and Indicators that work well for me. It is a grid structure of pending orders spaced 30 pips apart with a lot size multiplier of 1.7 with no more than 7 levels.

If trading an initial base lot of .01, when I place a manual order at .01, the following pending orders will be opened automatically by the Manual Trader EA 30 pips apart.

.02, .03, .05, .08, .14, .24.

Roughly 80% of the time, the .01 trade is the one to close in profit. If the price goes against me, there are 6 levels that can catch a short term reversal to close all open trades in net profit.

Of course, any “averaging down” strategy that uses a martingale is EXTREMELY risky. But, if the proper entry is placed each and every time, then that likelihood is decreased. To further compensate for that possibility of a blown account, I recommend building a Forex specific savings account that will be used to re-fund the forex account in the event it was to fail. Hopefully it will not be needed. But better to be cautious.

DO NOT TRADE WITH MONEY YOU CANNOT AFFORD TO LOSE.

Minimum Capital Requirements
Your Account Leverage
1:1000 = $300USD
1:500 = $450USD
1:200 = $600USD
1:100 = $850USD
1:50 = $1400USD

I am using a 500:1 leverage account and I increase my base lot size .01 per $300 in account balance. The MQL5 Signal receiver should adjust accordingly to your account balance and leverage. I take no responsibility on its calculation or communication reliability. I use my full account balance to cover drawdown. I withdraw a portion of my profits on a weekly basis building an account to re-capitalize my trading account in the event something should happen. The risk is HIGH, but if I can withdraw 10-15 times my initial investment, I am comfortable with the risk. If you are too, then you are welcome to subscribe. If not, PLEASE DO NOT SUBSCRIBE. But, I thank you for visiting.

I would post my signals on myfxbook, but they do not allow systems that use a Martingale / Grid strategy. ForexScottys Signals can be found in the Mt4 Signal Market

Had a good day on Friday, but did get stuck in a couple over the weekend. As long as the trend lines hold, these should recover easily enough.

Make no mistake - I am using a gambling algorithm and mindset, not one of a professional trader. Any Martingale strategy can be your best friend on the Roulette, Blackjack and Baccarat tables, but 7 losses in a row and you're done. In this case, a draw down of 200 pips or more.

Similar to Poker, if I am holding a bad set of cards, I don't play that hand.

I use the MTF RSI, Channel Trend, and MTF Moving Averages to tell me if I have a good hand or not, then I make my play.

Please post the link for ForexScottys Signals from mql5. I couldn't find.
Regards.

Hi Ovisun,

It is on the MQL5 website but I think more trading history is required before it shows up in the MT4 Signals tab.

https://www.mql5.com/en/signals/158455

My next milestone is to build the account to 2k, and then start making weekly withdrawals.

The monthly charge is what I was offered to trade a private account for. I'll start there and see where it goes.

Looking good!!!

Thanks Professor - First day on this chart is similar to the days on the other. 1-3% daily gains. Of course in a casino, my profits/losses are measured in sessions that lasted a few hours and it is only my money at risk. This Forex strategy is a little different as it will be measured in weeks. It's still against my better judgement to do signals, but as long as anyone who does, takes their profits out, my best wishes to them! Taking the profits out of the account is the intent. Since the house always wins, the longer that profit stays in the account, the greater the psychological risk. Net financial risk is only the amount of the initial deposit.

This weekend, I received an email from myfxbook support.

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Hello ForexScotty!

There is a new user waiting to copy your Manual Trade Lanes w/ Martingale Grid Recovery system with signal start (in total 1 users).
Open an account with Signal Start today, set a subscription fee and start generating an extra income: www.signalstart.com

Once you open an account with Signal Start, your potential clients will be instantly notified by email.

Best Regards,
The Myfxbook Team.
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I am assuming that since I use a martingale type grid and cannot use the myfxbook signal service, they are the ones inviting me. So, my signals are available there as well as through the MQL5 signal market.

https://www.signalstart.com/analysis/forexscottys-signals/3051

Personally I don't like signalstart, you have to pay subscription even if you do not copy any signal, is BS in my opinion.

Good to know - I've never used them before, but have heard them referred to in several blogs. But I would think anyone can cancel their subscription at any time before the auto renew date

https://www.mql5.com/en/signals/158455

 added for those that do not like Signal Start

Started with $300 last September. Playing with house money now. 😀

Looking great!.

my $500 account is now up to $907. start on the Jan17th and todays the 29th. Sure to hit 100% and more in 30 days. Covered the Signal fee the first week on my small account.

Professor53h posted:
my $500 account is now up to $907. start on the Jan17th and todays the 29th. Sure to hit 100% and more in 30 days. Covered the Signal fee the first week on my small account.

Fantastic! You should consider a point where you will withdraw half of your profits weekly. Build a nest egg while continuing to allow the account to build.

Far be it from me to tell anyone what to do with their profits, but this is a martingale type recovery strategy after all. 😀

You are correct. I do have the same plan because of the martingale recovery. At a certain point, half of the profit will be pulled and placed in a standby account. This allows me to have a instant backup trading account and allows the main account the opportunity to continue its growth from your signals. This is a great project! I created the standby account online last week. It was easy using tradersway. Same as you. its perfect for us USA clients. Im at work now, but I was using the analysing options on mt4 to reveiw the trades, and it was beautiful on the graph. Profit factor was 4.06 , percent of growth was up to 67% in only 2 weeks ( including weekends). Every weekend I check my signals tab and look at the Renew option, so I dont forget to renew once Im closer to the end of my 30 days. Id post my growth chart but IM at work and dont have the option from here. I have several others ( friend and family, co workers ) who are interested in this new project. None have any mt4 experience yet. Recomended this broker and this m yfxbook web site to follow you and to get comforatable reading about how forex works, leverage and the risks involved. Im usually crusing the forums here and fx factory and playing chess on 3 boards at the same time Im watching tv with the wife. My new HP laptop has 8 gigs of ram and is set aside for only use for MT4 signals from you. Its only for forex. Its not the fastest out there, but its new and its reliable. I dont use it for any thing other than that. I do use team viewer on my smart phone to pop in and look at my remote pc a few times a day. Once I figure out how to find the invester password I lost, I will post my live growth chart. Your focus on this new project is amazing.
P53

Hi Professor,

Thank you for posting and subscribing. I have tried to be as transparent as possible. Even posting the links to the indicators I use that have been such a great assistance to my project. But, for those folks that do not have the time to look at charts during the day, I hope the signals will be of benefit to some. I'll post them again here. I cannot take credit for any of them, but putting them all together helped me to build this system. Too bad it cannot be fully automated, but I think the human brain is a vital component to the strategy.

indicators used
SuperJoltMoneyLanes - https://www.forexfactory.com/showthread.php?t=558372
SHI_Channel_True - https://www.forexfactory.com/misc.php?do=showattachments&t=190646&hideimg=1&page=3
Hitman MTF RSI - https://www.forexfactory.com/showthread.php?t=504229
Manual entry made using Manual Trader EA - https://www.mql5.com/en/market/product/4630

Even though I am not a big fan of any martingale, the Manual Trader EA does have a very nice ability that if the grid is used, it calculates a new trailing stop based on profitability, which saves manual calculation. You can also adjust the size of the grid and the multiplier for the martingale. I use a multiplier of 1.7 instead of the typical 2. That gives me a couple more grid levels without increasing equity used.

This EA coupled with the manual choice of entry, I think it can be used safely.

As long as it is used as a weekly income stream and no one attempts to build a 'Mega Account', I think it can be a nice second income.

Apparently SignalStart must be connected or sponsored by MyFXBook. When clicking on the COPY button at the top of my screen, it takes me directly there. Interesting. But OK. Learned something new.